Share prices closed mixed on profit taking as investors looked for more leads to push the market higher.
There was no trade for the peso following the suspension of operations in all government offices yesterday.
The Philippine Stock Exchange index was down 15.4 points to 6,958.01, a 0.22 percent drop.
The broader All Shares index was down 1.73 points or 0.05 percent to 3,759.55.
Gainers edged losers 99 to 90 with 54 stocks unchanged. Trading turnover reached P5.34 billion.
The peso closed at 56.281 to the dollar on Monday.
Markets have fully priced in a 25-basis point US interest rate cut in the September meeting, after Fed Chair Jerome Powell signalled last week that the time had come to lower borrowing costs.
Traders are now looking to the personal consumption expenditures index on Friday and a key jobs report next week to assess whether the world’s most influential central bank would deliver a bigger 50 bps cut.
“We expect most Asian currencies to make further gains over time, even if their biggest rallies may now be behind them,” Thomas Mathews, Head of Markets, Asia Pacific at Capital Economics said.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors are still looking for more economic data that will reinforce a potential rate cut in September.
“The prospect of easing monetary policy has many investors taking positions, reflecting broader market cautious optimism both locally and globally,” Limlingan said.
Most actively traded BDO Unibank Inc. was up P2.80 to P154. DigiPlus Interactive Corp. was up P0.40 to P24. Ayala Land Inc. was up P0.50 to P34. SM Investments Corp. was down P7 to P930. Bank of the Philippines Islands was down P0.30 to P127.10. International Container Terminal Services Inc. was down P3.20 to P405.20. Metropolitan Bank and Trust Co. was down P0.60 to P73.90 SM Prime Holdings Inc. was down P0.70 to P30.30.
Universal Robina Corp. wasup P2.30 to P96. SP New Energy Corp. was up P0.10 to P1.19.
